The grantor reserves the right to regulate rates for cable service or to engage in other regulatory activity to the fullest extent permitted by law. In the event that applicable law is amended or repealed, or any restrictions on the authority of the grantor to regulate rates, or other grantee activities are removed or lessened, this chapter shall be deemed to include such regulatory authority for the grantor, as if expressly set forth herein. If the FCC permits the grantor to regulate such rates, the grantor may, at its discretion, establish reasonable procedures and standards and regulate such rates to the fullest extent permitted.